Why? It allows those 62 years of age and over to take a certain portion of their home equity out and not pay house payments. Potential borrowers have to go through goverment-approved counseling before a loan can be made. Of course it’s not for everyone, but no one loan product is.

3
posted on 07/14/2010 10:13:21 PM PDT
by 2ndDivisionVet
(The 4th Estate is a 5th Column, do a #1 & #2 on them, they're #10!!)

LOS ANGELES  More than 1 million U.S.
households could lose their homes to
foreclosure this year, as lenders work their
way through a huge backlog of borrowers
who have fallen behind on their loans,
according to RealtyTrac, a foreclosure
tracking service.

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